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As part of efforts to build out the firm's secondaries business, Bloomberg reports that EQT is now actively considering possible acquisitions of scaled platforms, including Coller Capital, HarbourVest Partners, and Pantheon.

“This continues to be a space that is of interest to us. And we feel good about the conversations that we are having and also our reputation as a consolidator in the industry,” EQT’s newly appointed chief executive officer, Per Franzen, told analysts last week.

Coller Capital, founded in 1990 by Jeremy Coller (dubbed the 'Godfather of Secondaries'), manages $46 billion and is one of the largest independent secondaries-only platforms. HarbourVest has about $147 billion under management and offers direct co-investments, private credit, infrastructure and fund-of-funds solutions alongside secondaries. Pantheon, backed by Affiliated Managers Group, manages about $75 billion.

In short, any of the three would give EQT immediate scale.

A number of EQT's peers have taken a similar approach. CVC Capital Partners acquired a majority stake in secondaries firm Glendower Capital in 2021, while Ares Management acquired Landmark Partners that same year.

Others have opted to build organically, often poaching senior hires from established platforms. HIG, New Mountain Capital, Warburg Pincus, and A&M Capital have each brought in new secondaries talent in recent months.

In all, 15 of the top 50 firms by fundraising volume now have dedicated secondaries strategies, according to PEI Group, up from just four firms in 2020.

For EQT, a deal for Coller Capital could be the more attractive option among the available targets. The firm would provide a pure-play secondaries business and could be a good fit for a founder-led target without a publicized succession plan.

With its broader multi-strategy offerings, an option like HarbourVest has the potential for added complexity relative to Coller.

Since listing in 2019, EQT has struck deals for healthcare-focused venture manager LSP and the €6.8 billion purchase of Baring Private Equity Asia in 2022. It also explored a potential tie-up with Arctos Partners in May of this year, though discussions ended without an agreement.

• Meta Platforms (Nasdaq: META) formed a joint venture with funds managed by Blue Owl Capital (NYSE: OWL) to develop a $27 billion Hyperion data center campus in rural Louisiana.

• Blackstone and TPG will acquire Hologic (Nasdaq: HOLX), a medical diagnostics firm, for up to $18.3 billion, including debt.

• L'Oreal (EPA: OR) agreed to acquire Kering's beauty unit, including the Creed fragrance brand and licenses for its fashion labels, for $4.7 billion.

• Permira is exploring a sale of Octus, a financial data group, which could be valued at over $4 billion, per Reuters.

• National Fuel Gas Company (NYSE: NFG) agreed to acquire Vectren Energy Delivery of Ohio, an Ohio natural gas distribution business, for $2.62 billion from CenterPoint Energy (NYSE: CNP).

• Advent International is exploring a sale of Parfums de Marly, a French fine fragrance brand, in a deal that could value the company at more than $2 billion, per the Financial Times.

• Holcim (SIX: HOLN) agreed to acquire Xella, a German walling systems provider, for 1.85 billion euros from Lone Star Funds.

• Veeam, owned by Insight Partners, agreed to acquire Securiti AI, an AI data security software provider, for about $1.73 billion in cash and stock.

• Kelso & Company acquired a 25% minority stake in Wellington-Altus Financial Inc., a Canadian investment dealer, for nearly C$400 million.

• Vista Equity Partners has hired Goldman Sachs to sell up to $1 billion in bonds backed by stakes in its private capital funds, per Bloomberg.

• 26North Partners led a $700 million equity investment in NEP Group, a media services and technology solutions provider for the live sports and entertainment industry, with existing sponsor Carlyle reinvesting and retaining its position as largest shareholder.

• Machinify, backed by New Mountain Capital, acquired Performant Healthcare (Nasdaq: PFMT) in a $670 million take-private buyout.

• BDT & MSD Partners invested $300 million for a significant minority stake in Designs for Health, a nutritional supplements provider, from RoundTable Healthcare Partners.

• Buenavista Equity Partners acquired an 80% stake in Hundred Burgers, a Spanish burger chain, from its founders.

• Carrick Capital Partners invested $31.5 million for a minority stake in Veritas Prime, an Orlando, Florida-based provider of SAP SuccessFactors and payroll technology solutions.

• KKR and Quadrantis Capital agreed to acquire minority stakes in Hong Kong-based global reinsurer Peak Reinsurance.

• FloWorks, a portfolio company of Wynnchurch Capital, acquired Slater Controls, a Midland, Texas-based distributor of valve automation, instrumentation, and relief valves.

• Ari Emanuel's MARI acquired TodayTix Group, a digital ticketing platform for live performance, from private equity firm Great Hill Partners.

• BioMatrix Infusion Pharmacy, a portfolio company of Frazier Healthcare Partners, acquired Lux Infusion, an Anchorage, Alaska-based ambulatory infusion center.

• Mubadala Capital is exploring an acquisition of Clear Channel Outdoor (NYSE: CCO), per Bloomberg.

• MJH Life Sciences, a portfolio company of BDT & MSD Partners, acquired BPD Healthcare, a tech-enabled marketing and communications partner, from WindRose Health Investors.

• Ardian acquired a minority stake in JPB Système, a French industrial firm specializing in self-locking fastening solutions for aircraft engines.

• One Equity Partners acquired a majority stake in Digital Value S.p.A., an Italian IT solutions provider.

• FineToday, a Japanese personal-care business backed by CVC Capital Partners, canceled its Tokyo IPO for a second time, citing unfavorable market conditions and valuation concerns.

• Causeway Capital acquired Whyte Bikes, a UK-based mountain bike maker, from Cairngorm Capital.

• StenTech, a portfolio company of Align Capital Partners, acquired Advanced Metal Etching, a Ligonier, Indiana-based maker of precision metal parts.

• Norwest invested in PSD Citywide, a Canadian provider of cloud-based enterprise asset management software for municipalities.

• River Pines Capital invested in GrowthLoop, an AI-powered, composable marketing technology provider and a portfolio company of TJC.

Tech, Vertical SaaS, & Misc. Enterprise

• Uniphore, a Business AI company, raised $260 million in Series F funding, co-led by NVIDIA, AMD, Snowflake, and Databricks, with participation from NEA, March Capital, BNF Capital, National Grid Partners, and Prosperity7 Ventures.

• Sesame, a conversational AI smart glasses startup from Oculus founders, raised $250 million in Series B funding co-led by Sequoia and Spark Capital.

• Fal.ai, a multimodal AI startup, raised around $250 million in new funding co-led by Kleiner Perkins and Sequoia Capital.

• Leju Robotics, a Shenzhen-based humanoid robot maker, raised $200 million in pre-IPO funding co-led by Citic Goldstone and Shenzhen Investment Holdings, with participation from Shenzhen Longhua Capital, Qianhai Basic Investment, Shijingshan Industrial Fund, Oriental Precision, Tuopu Group, China Securities Investment, Daohe Long-term Investment, and Shengyi.

• LangChain, an agent engineering platform, raised $125 million in Series B funding, led by IVP, with participation from Sequoia, Benchmark, Amplify, CapitalG, Sapphire Ventures, ServiceNow Ventures, Workday Ventures, Cisco Investments, and Frontline.

• Anrok, a sales tax compliance platform, raised $55 million in Series C funding, led by Spark Capital, with participation from Sapphire Ventures, Khosla Ventures, Sequoia Capital, and Index Ventures.

• CourtReserve, a club management software for racquet and paddle sports clubs, raised $54 million in growth investment funding from Mainsail Partners.

• UnifyApps, an enterprise AI platform provider, raised $50 million in Series B funding, led by WestBridge Capital, with participation from ICONIQ, Lowe's Ventures, and Elevation Capital.

• Serval, an enterprise AI company automating IT service management with agentic AI, raised $47 million in Series A funding led by Redpoint Ventures, with participation from First Round, General Catalyst, Box Group, Bessemer Venture Partner, and Chemistry.

• Keycard, an identity infrastructure for AI agents, raised $38 million in combined seed and Series A funding, co-led by Andreessen Horowitz, boldstart ventures, and Acrew Capital, with participation from Mantis VC, Tapestry Ventures, Essence Ventures, Exceptional Capital, Modern Technical Fund, and Vermillion Cliffs.

• HiveWatch, an El Segundo-based provider of physical security software, raised $33 million in Series B funding led by Anthos Capital, with participation from Harmonic Growth Partners and Across Capital.

• Defakto, a Non-Human Identity security company, raised $30.75 million in Series B funding led by XYZ Venture Capital, with participation from The General Partnership, Bloomberg Beta, WndrCo, and Adverb Ventures.

• Nexos.ai, an enterprise AI platform for streamlining AI adoption across security, observability, governance, and cost control, raised €30 million in Series A funding, co-led by Evantic Capital and Index Ventures, with participation from Creandum and Dig Ventures.

• Conceal, a cybersecurity startup, raised $26 million in Series B funding led by Two Bear Capital, with participation from Allegis Cyber and Gula Tech Adventures.

• Estuary, a right-time data platform for enterprise AI, raised $17 million in Series A funding led by M13, with participation from FirstMark and Operator Partners.

• Gravwell, a data analytics and security platform, raised $15.4 million in Series A funding, led by Two Bear Capital, with participation from Gula Tech Adventures, Next Frontier Capital, Innosphere Ventures Fund, Kickstart, and Rise of the Rest.

• Bronto, a log data platform, raised $14 million in seed funding, led by Cercano Management, with participation from Heavybit and Conviction Capital.

• Acelab, an AI platform for building material research, selection, and documentation, raised $13.5 million in Series A funding led by Navitas Capital, with participation from JLL Spark and DivcoWest.

• AdsGency, an LLM advertising platform for autonomous AI-driven paid marketing, raised $12 million in seed funding led by XYZ Venture Capital, with participation from Streamlined Ventures, HF0, Hat-Trick Capital, Index Ventures, and Amity Ventures.

• Cercli, a UAE-based AI workforce management platform, raised $12 million in Series A funding led by Picus Capital, with participation from Knollwood Investment Advisory, Y Combinator, Afore Capital, and COTU Ventures.

• Magic, an AI-powered CRM for the hospitality and restaurant industry, raised $10 million in seed funding led by Lerer Hippeau, with participation from Bling Capital and Floodgate.

• 1001 AI, an AI infrastructure company for critical industries in MENA, raised $9 million in seed funding co-led by CIV, General Catalyst, and Lux Capital.

Fintech

• Tempo, a payments blockchain incubated by Stripe and Paradigm, raised $500 million in Series A funding, co-led by Greenoaks and Thrive Capital, with participation from Sequoia Capital, Ribbit Capital, and SV Angel.

• Moniepoint, a Nigerian fintech firm, raised $200 million in Series C funding co-led by Development Partners International and LeapFrog Investments, with participation from Visa, Google Africa Investment Fund, Lightrock, and Alder Tree Investments.

• Hyperlayer, a UK-based fintech developing a programmable financial operating system, raised £30 million in Series B funding led by CDAM, with participation from Mouro Capital, Iona Star, Flintlock Capital, and Susquehanna Private Equity Investments.

• Streetbeat, an AI intelligence platform for financial professionals and retail investors, raised $15 million in Series A funding led by CDP Venture Capital through the AI Fund, with participation from TTV Capital, Monte Carlo Capital, 3Lines VC, P101, Azimut, and Evolution VC.

• Cybrid, a platform for compliant stablecoins and fiat payment infrastructure, raised $10 million in Series A funding led by BDC Capital, with participation from Golden Ventures, Luge Capital, and Panache Ventures.

Consumer & Media

• Suno, an AI music generator, raised $125 million in Series B funding led by Lightspeed Venture Partners, with participation from Matrix and Founder Collective.

• Refurbed, a refurbished electronics marketplace, raised €50 million in new funding co-led by Alex Zubillaga and Orilla, with participation from Evli Growth Partners, Bonsai, Almaz Capital, C4 Ventures, and Speedinvest.

• MATR Foods, a Danish food-tech company for fermented plant-based meat alternatives, raised €40 million in funding, including €20 million in Series A equity co-led by Novo Holdings and the Export and Investment Fund of Denmark, and €20 million in venture debt from the European Investment Bank.

Healthcare

• OpenEvidence, an AI medical search engine, raised $200 million in Series C funding led by Google Ventures, with participation from Sequoia, Kleiner Perkins, Thrive Capital, Coatue, and Blackstone.

• Elevara Medicines, a UK clinical-stage biotech developing rheumatoid arthritis therapies, raised $70 million in Series A funding, co-led by Forbion and Sofinnova Partners, with participation from Monograph Capital.

• CoMind, a neurotechnology company developing non-invasive brain monitoring, raised $60 million in Series A funding, led by Plural, with participation from Angelini Ventures, LocalGlobe, Octopus Ventures, Crane Venture Partners, BACKED VC, and Entrepreneurs First.

• Cala Health, a bioelectronic medicine leader, raised $50 million in growth funding, co-led by Vertex Growth Fund and Nexus NeuroTech Ventures, with participation from Niterra Ventures, Action Potential, Johnson & Johnson Innovation - JJDC, Lightstone, Lux Capital, GV, OSF Ventures, and Ascension Ventures.

• Expedition Medicines, a biotech that discovers small molecule drugs using generative AI and quantum covalent chemistry, raised $50 million in Series A funding, led by Flagship Pioneering.

• Hyro, an AI Agent Platform for healthcare, raised $45 million in growth funding, led by Healthier Capital, with participation from Norwest, Define Ventures, and ServiceNow Ventures.

• Adaptyx Biosciences, a biowearables company for continuous, multi-analyte molecular monitoring, raised $14 million in seed funding led by Interlagos, with participation from Overwater Ventures, Starbloom Capital, Hyperlink Ventures, Cantos Ventures, Humba Ventures, and Seaside Ventures.

• Petal Surgical, a developer of incisionless surgical tools, raised $10 million in Series A funding, co-led by K50 Ventures and TSVC, with participation from ShangBay Capital.

Industrials, Greentech, & Other

• Spiro, an African electric mobility company for electric motorbikes and battery swapping, raised $100 million in new funding led by The Fund for Export Development in Africa.

• Arbor Energy, a clean power company, raised $55 million in Series A funding co-led by Lowercarbon Capital and Voyager Ventures, with participation from Gigascale Capital, Marathon Petroleum Corporation, and Cantos.

• Chemify, a company digitizing molecule creation using chemistry, robotics, computation, and AI, raised over $50 million in Series B funding co-led by Wing Venture Capital and Insight Partners, with participation from 8VC, Triatomic Capital, Blueyard, Rockspring, and Eos.

• Sizable Energy, a Milan, Italy-based ocean energy storage company, raised $8 million in Series A funding, led by Playground Global, with participation from Exa Ventures, Verve Ventures, Satgana, EDEN/IAG, and Unruly Capital.

• Milvus Advanced, a developer of nanomaterials from low-cost metals, raised $6.9 million in seed funding led by Hoxton Ventures, with participation from LQD Ventures, Übermorgen, Tuesday Capital, Bluebirds, Lowercarbon Capital, Climate Insiders, Acequia Capital, and Unruly Capital.

• Patria Investments raised $2.9 billion for a Latin American infrastructure fund.

• Diversis Capital raised $1.2 billion for its third lower middle market fund.

• BoxGroup raised $550 million across its seventh flagship venture fund and its fourth follow-on fund.

• Lifeline Ventures, a Finland-based venture capital firm, raised €400 million for its sixth fund focused on early-stage European technology startups.

• Incline Equity Partners closed an oversubscribed $300 million single-asset continuation vehicle for Accredited Labs.

• Maelstrom, Arthur Hayes' family office, is seeking $250 million for a debut private equity fund targeting mid-sized crypto firms, per Bloomberg.

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